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RM Pension

Postal workers discussion forum. Discuss the day to day life in a Blue Shirt.
DemonPostie
Posts: 227
Joined: 21 Jan 2009, 21:37
Gender: Male

RM Pension

Post by DemonPostie »

Is it worth it?

I'm 32, not planning on spending more than a couple more years at most with RM. I've been paying in to the pension for about a year, but could really use the money at the moment. If I opt out now, I reckon they'll owe me somewhere around 400 squid, plus I'll save about a tenner a week.

With the massive hole in the pension fund, is it worth it to keep contributing, or is all my money just going to go to pay back this deficit?? Will I actually get any of it back when (if) I retire?

-me
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Judgee
EX ROYAL MAIL
Posts: 2262
Joined: 23 Oct 2007, 15:18

Re: RM Pension

Post by Judgee »

I only planned being with RM 6 months, been there nearly a decade now :sad: Keep paying in, if you leave within two years you get all your contributions paid back to you anyway. If you are there longer chances are escape will be impossible and you will be trapped in hell forever :d'oh!
Union what Union? Do we have a union?
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TrueBlueTerrier
FORUM ADMINISTRATOR
Posts: 72719
Joined: 30 Dec 2006, 10:29
Gender: Male
Location: On my couch

Re: RM Pension

Post by TrueBlueTerrier »

DemonPostie wrote:Is it worth it?

I'm 32, not planning on spending more than a couple more years at most with RM. I've been paying in to the pension for about a year, but could really use the money at the moment. If I opt out now, I reckon they'll owe me somewhere around 400 squid, plus I'll save about a tenner a week.

With the massive hole in the pension fund, is it worth it to keep contributing, or is all my money just going to go to pay back this deficit?? Will I actually get any of it back when (if) I retire?

-me
TBH you'll find it hard to get a similar pension outside of RM as they do contribute to it more than most business. Of course this all depends what pension you are on. Care is better but the new Defined one is still better than average from what I have been told.

Yes the deficit is currently quite big but its very doubtful its going to go bust as it has a £8.5 billion deficit and £22 Billion in assets. Also when/if we are sold off the current position of the Government is they will take on the PF anyway.
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Glenno
Posts: 1491
Joined: 05 Jun 2007, 13:12

Re: RM Pension

Post by Glenno »

Dont forget if you do decide to pull your pension in the first 2 years you will NOT get all
your money back as there will be a deduction for the SERPS contributions that you have
missed :wave :wave
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baldrick
EX ROYAL MAIL
Posts: 5038
Joined: 13 Sep 2007, 23:37
Gender: Male

Re: RM Pension

Post by baldrick »

When I left my last job, aged 30, retirement seemed a long way off, and I cashed in my pension (about £600 IIRC).
But I now wish I had transferred it into the RM pension plan as it cost me a lot more to buy the two years in RM.
Retirement might seem a long way off at 32, but it comes quicker than you might think at that age. :sad:
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